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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Tadawul sets up SAC

The report showed that Tadawul turned in a higher volume of sukuk and debt instruments issuances, valued at SR753 billion.
  • The committee consists of representatives from the Kingdom’s largest financial institutions, who will work towards a unified Shariah-compliant rulebook
  • The committee will also undertake the responsibility of overseeing and approving the list of Shariah-compliant listed companies on a periodic basis

Tadawul, Saudi Arabia’s stock exchange, will set up a Shariah Advisory Committee to expand its offering to cover new Shariah-compliant investment tools and products.

The committee consists of representatives from the Kingdom’s largest financial institutions, who will work towards a unified Shariah-compliant rulebook that will be approved by the members’ respective Shariah boards.

The committee will also undertake the responsibility of overseeing and approving the list of Shariah-compliant listed companies on a periodic basis.

The exchange, also known as Tadawul, will oversee the Shariah Advisory Committee, without actively taking part in the company screening and selection process, to ensure independence and transparency in decision making, it said in a statement.

It will also consult the committee when needed regarding some of its products and services.

Members of big financial institutions which are part of the committee, include Bader Al Omar, head of Jadwa Investment; Abdulrahman Al Ghusn, associate in Alinma Investment; and Abdullah Al Barrak, senior Shariah advisor at Al Rajhi Capital.

Tadawul will also collaborate with IdealRatings, a global Islamic Finance Solutions Provider, to provide Shariah screening services of listed companies within the Saudi capital market.

The list will be reviewed and approved by the Shariah Advisory Committee.